The income statement for Spinx, Inc., is presented below:
SPINX, INCORPORATED
STATEMENT OF EARNINGS
FOR THE YEAR ENDED DECEMBER 31, CURRENT YEAR
Net sales $4,395,253
Costs and expenses:
Cost of goods sold $2,821,455
Operating expenses $1,004,396
Interest revenue $15,797
Earnings before income tax $585,199
Income tax expense $204,820
Net income $380,379
Earnings per share $1.70
Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000.